HVAC WORKS: what changed
HVAC WORKS
Largest movements
- Stocks and contracts +€190,000
new in 2025: €190,000
- Receivables within one year +€172,505
up €172,505, from €0 to €172,505
of which Trade receivables: +€167,140
- Receivables after one year -€45,670
no longer reported in 2025 (was €45,670)
- Tangible fixed assets -€37,107
down €37,107 (-28.4%), from €130,508 to €93,401
of which Leasing and similar rights: -€21,600
- Cash -€7,103
down €7,103 (-4.3%), from €166,928 to €159,825
mainly Stocks and contracts (-€190,000) and Receivables within one year (-€172,505)
- Trade debts +€302,069
up €302,069 (+352%), from €85,730 to €387,798
- Other debts +€80,963
up €80,963 (+552%), from €14,655 to €95,618
- Debts after one year -€72,246
down €72,246 (-60.9%), from €118,554 to €46,307
of which Advances received on contracts in progress: -€55,036
- Accrued charges and deferred income -€32,267
no longer reported in 2025 (was €32,267)
- Reserves +€9,824
up €9,824 (+33.3%), from €29,473 to €39,297
- Gross operating margin +€20,674
up €20,674 (+17.6%), from €117,771 to €138,445
- Staff costs +€13,219
up €13,219 (+27.4%), from €48,198 to €61,416
- Financial charges +€7,534
up €7,534 (+570%), from €1,323 to €8,857
- Taxes +€3,400
up €3,400 (+40.6%), from €8,371 to €11,771
- Depreciation +€1,581
up €1,581 (+3.8%), from €42,043 to €43,624
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €343,105 | €620,879 | +€277,774 | +81.0% |
| Fixed assets | 21/28 | €130,508 | €98,549 | -€31,959 | -24.5% |
| Tangible fixed assets | 22/27 | €130,508 | €93,401 | -€37,107 | -28.4% |
| Plant, machinery and equipment | 23 | €4,791 | €3,103 | -€1,688 | -35.2% |
| Furniture and vehicles | 24 | €54,467 | €40,648 | -€13,819 | -25.4% |
| Leasing and similar rights | 25 | €71,250 | €49,650 | -€21,600 | -30.3% |
| Financial fixed assets | 28 | - | €5,148 | +€5,148 | |
| Current assets | 29/58 | €212,597 | €522,330 | +€309,733 | +146% |
| Amounts receivable after more than one year | 29 | €45,670 | - | -€45,670 | |
| Trade receivables | 290 | €45,670 | - | -€45,670 | |
| Stocks and contracts in progress | 3 | - | €190,000 | +€190,000 | |
| Stocks | 30/36 | - | €190,000 | +€190,000 | |
| Amounts receivable within one year | 40/41 | €0 | €172,505 | +€172,505 | |
| Trade receivables | 40 | €0 | €167,140 | +€167,140 | |
| Other amounts receivable | 41 | - | €5,365 | +€5,365 | |
| Cash at bank and in hand | 54/58 | €166,928 | €159,825 | -€7,103 | -4.3% |
| Total equity and liabilities | 10/49 | €343,105 | €620,879 | +€277,774 | +81.0% |
| Equity | 10/15 | €29,973 | €39,797 | +€9,824 | +32.8% |
| Contributions | 10/11 | €500 | €500 | = | 0.0% |
| Reserves | 13 | €29,473 | €39,297 | +€9,824 | +33.3% |
| Distributable reserves | 133 | €29,473 | €39,297 | +€9,824 | +33.3% |
| Amounts payable | 17/49 | €313,132 | €581,082 | +€267,950 | +85.6% |
| Amounts payable after more than one year | 17 | €118,554 | €46,307 | -€72,246 | -60.9% |
| Financial debts | 170/4 | €63,518 | €46,307 | -€17,210 | -27.1% |
| Advances received on contracts in progress | 176 | €55,036 | - | -€55,036 | |
| Amounts payable within one year | 42/48 | €162,312 | €534,775 | +€372,463 | +229% |
| Current portion of amounts payable after more than one year | 42 | €15,044 | €12,987 | -€2,057 | -13.7% |
| Trade debts | 44 | €85,730 | €387,798 | +€302,069 | +352% |
| Suppliers | 440/4 | €85,730 | €387,798 | +€302,069 | +352% |
| Taxes, remuneration and social security | 45 | €46,882 | €38,371 | -€8,512 | -18.2% |
| Taxes | 450/3 | €29,322 | €30,475 | +€1,153 | +3.9% |
| Remuneration and social security | 454/9 | €17,560 | €7,896 | -€9,665 | -55.0% |
| Other amounts payable | 47/48 | €14,655 | €95,618 | +€80,963 | +552% |
| Accrued charges and deferred income | 492/3 | €32,267 | - | -€32,267 | |
| Remuneration, social security and pensions | 62 | €48,198 | €61,416 | +€13,219 | +27.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,043 | €43,624 | +€1,581 | +3.8% |
| Other operating charges | 640/8 | €4,043 | €2,957 | -€1,085 | -26.8% |
| Gross operating margin | 9900 | €117,771 | €138,445 | +€20,674 | +17.6% |
| Operating profit (loss) | 9901 | €23,487 | €30,447 | +€6,960 | +29.6% |
| Financial income | 75/76B | €0 | €5 | +€5 | |
| Recurring financial income | 75 | €0 | €5 | +€5 | |
| Financial charges | 65/66B | €1,323 | €8,857 | +€7,534 | +570% |
| Recurring financial charges | 65 | €1,323 | €8,857 | +€7,534 | +570% |
| Profit (loss) for the period before taxes | 9903 | €22,164 | €21,595 | -€569 | -2.6% |
| Income taxes | 67/77 | €8,371 | €11,771 | +€3,400 | +40.6% |
| Profit (loss) for the period | 9904 | €13,793 | €9,824 | -€3,969 | -28.8% |
| Profit (loss) for the period to be appropriated | 9905 | €13,793 | €9,824 | -€3,969 | -28.8% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.